Chevron says Venezuelan oil imports are helping curb U.S. gas prices
Venezuelan oil shipped to the U.S. is providing relief from higher prices caused by the Iran war, according to a senior Chevron executive.
Updated on: April 14, 2026 / 6:20 PM EDT / CBS News
Chevron's stepped-up imports of Venezuelan oil are helping ease fuel prices for U.S. consumers, according to a senior executive with the energy giant.
Andrew Walz, Chevron's president of global refining, told CBS News that the company is running its Pascagoula, Mississippi, refinery around the clock to process crude from Venezuela.
Walz said Chevron is moving to curb prices for consumers as the war in Iran constrains global oil supplies and pushes U.S. gasoline prices up to their highest level since 2022.
A tanker carrying 400,000 barrels of Venezuelan crude will supply Chevron's Mississippi refinery for four days. The oil imports are helping both "bring revenue to Venezuela, and it's helping Americans," Walz said.
"This ship is lowering prices in America because we have access to a new supply point that we didn't have previously," he added.